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Alabama Republican Congressman and strong advocate for online gambling prohibition, Spencer Bachus, denied he engaged in any form of “insider trading”. He called a “60 Minutes” segment that suggested otherwise “a hit job”.
The segment aired on Sunday. The reporting was based on a book by conservative author Peter Schweizer called “Throw Them All Out.” Rep. Spencer Bachus (R-AL), the chairman of the House Financial Services Committee, was alleged to have traded stocks after he was told by Treasury officials in September of 2008 of the impending financial meltdown.
“What they (“60 Minutes”) did is say I shorted the financial markets,” Bachus said during an interview with NBC…”You don’t think my 2010 opponent would have said that if he’d found it in his research?”
Bachus said he was a target because “I was chairman of the House Financial Services Committee and I made money.”
He continued, “I’ve never made trades based on knowledge that wasn’t available to the general public.”
Schweizer was supposed to have appeared on the Kudlow Report along side Bachus but the author cancelled ten minutes prior to the show’s scheduled airing.
- Aaron Goldstein, Gambling911.com
